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#SriLankaDollarChallenge: Sri Lankans abroad try to save country's economy via viral internet trend

Moohita Kaur Garg
Authored By Moohita Kaur Garg
Published: Jul 16, 2022, 20:44 IST | Updated: Jul 16, 2022, 20:44 IST
#SriLankaDollarChallenge: Sri Lankans abroad try to save country's economy via viral internet trend

Sri Lanka Dollar Challenge

Under Gotabaya Rajapaksa and his brothers' tenure, Sri Lankans endured chronic gasoline and diesel shortages as well as skyrocketing costs for staples like bread and vegetables for months. Now, as the country's citizens are waiting for lawmakers to choose a new president on July 20, its diaspora has taken it upon themselves to do something for their homeland. To assist Sri Lanka in overcoming its present economic challenges and foreign exchange crisis, a new challenge called as the #SriLankaDollarChallenge has been launched on social media.Under this challenge, Sri Lankans settled abroad are sending Dollars back to their home country. The remittances seek to help Sri Lanka's struggling economy.

Watch |Sri Lanka's economic crisis continues to worsen; SLPP announces support to Wickremesinghe

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According to a 2019 study by Weber State University's Nazneen Ahmad and others, remittances do significantly boost economic production.

Also read |Former Sri Lankan President Gotabaya Rajapaksa defends himself

The Mint reports that based on data from 80 poor countries from the World Development Indicators 2019 database for the years 1974 to 2014, they demonstrate that, on average, a 1 per cent increase in remittances improves real GDP by roughly 0.07 per cent over time.

As per some claims floating on Twitter, in the last couple of days, Sri Lankans settled overseas have sent close to $30,000 to their country. Tweets/posts online urge the diaspora to contribute by sending "money to family, friends or relatives thru official channels. If everyone could send money thru official channels, we could resolve the balance of payment crisis within few months."

Also read |Former Sri Lankan President Gotabaya Rajapaksa defends himself

According to a report by India Today citing local media, the Central Bank of Sri Lanka has recommended that all expats utilise only lawful official banking channels to remit dollars.

Earlier in April, Central bank governor Nandalal Weerasinghe had requested Sri Lankans abroad to “support the country at this crucial juncture by donating much needed foreign exchange”.

Here are some tweets supporting the #SriLankaDollarChallenge:

(With inputs from agencies)

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Moohita Kaur Garg

Moohita Kaur Garg

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Moohita Kaur Garg

Moohita Kaur Garg is a journalist with over four years of experience, currently serving as a Senior Sub-Editor at WION. She writes on a variety of topics, including US and Indian p...Read More

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